2019-07-12_DTZ戴德梁行_Industrial_Q4_2018_Greater_Boston_3页_283kb

报告摘要

Greater Boston Industrial Market Q4 2018 Summary

Core Content

The Greater Boston industrial market in Q4 2018 experienced a stable performance, with minimal changes in vacancy rates and a slight increase in asking rents. The market was influenced by national economic trends, including low unemployment and strong growth in e-commerce retail sales, which drove demand for warehouse space. New Hampshire's industrial market also showed stability, with consistent vacancy rates and a focus on manufacturing and warehouse/distribution spaces.

Key Market Indicators (Overall, All Property Types)

Vacancy Rate: Increased slightly from 6.2% in Q4 2017 to 6.8% in Q4 2018.
YTD Net Absorption (sf): Decreased from 200,000 in Q4 2017 to 95,000 in Q4 2018.
Under Construction (sf): Reduced from 2.7 million to 856,000.
Average Asking Rent (psf/year): Increased from $8.17 to $8.32.

Submarket Analysis

Submarket	Total Buildings	Inventory (SF)	Overall Vacant (SF)	Vacancy Rate	YTD Net Absorption (SF)	New Construction (SF)	Average Asking Rent (psf/year)
Boston	53	3,438,119	300,675	8.7%	128,421	0	$8.32
Boston North	58	4,902,919	987,845	20.1%	-18,007	0	$17.86
Boston South	86	5,598,731	527,914	9.4%	19,124	0	$9.78
Boston West	86	4,690,949	105,819	2.3%	-34,012	0	$12.21
Inner Suburbs	283	18,630,718	1,922,253	10.3%	95,526	0	$14.09
128 North	128	10,171,779	279,375	2.7%	251,345	0	$9.22
495 North	245	20,552,079	1,583,124	7.7%	97,578	58,000	$8.80
North Total	373	30,723,858	1,862,499	6.1%	348,923	58,000	$8.86
128 Central	47	2,346,005	34,332	1.5%	108,124	0	$15.19
495 West	171	15,424,722	1,154,869	7.5%	-18,421	647,606	$6.67
Metro West	23	1,719,856	203,802	11.8%	-155,235	0	$7.94
Worcester	89	10,403,015	418,156	4.0%	-52,893	0	$6.79
West Total	330	29,893,598	1,811,159	6.1%	-118,425	647,606	$6.89
128 South	267	22,290,071	1,889,255	8.5%	69,431	0	$5.51
495 South	249	29,890,267	1,875,311	6.3%	-250,124	173,000	$6.76
Route 3 South	85	5,222,664	265,550	5.1%	9,234	45,000	$6.24
Fall River/New Bedford	58	9,975,217	295,900	3.0%	-59,564	28,500	$7.88
South Total	659	67,378,219	4,326,016	6.4%	-231,023	246,500	$6.79
Boston Total	1,645	146,626,393	9,921,927	6.8%	95,001	952,106	$8.32
Southern New Hampshire	665	48,120,877	3,853,319	8.0%	-307,261	0	$5.57

Key Transactions

Lease Transactions

10 Trotter Drive, Medway: 120,000 sf leased to Spencer Technologies (HI-TECH), located in 495 West submarket.
1 Second Street, Peabody: 88,000 sf leased to Wakefield Moving and Storage (WAREHOUSE), located in 128 North submarket.
61 Leona Drive, Middleboro: 80,000 sf leased to National Tire Wholesale (WAREHOUSE), located in 495 South submarket.
10 Mozzone Boulevard, Taunton: 34,000 sf leased to Pilgrim Plastics (WAREHOUSE), located in 495 South submarket.

Sales Transactions

100 Pine Street, Boylston: 352,000 sf sold for $93,800,000 ($266 psf), located in Worcester submarket.
190 Mechanic Street, Bellingham: 209,950 sf sold for $25,100,000 ($120 psf), located in 495 West submarket.
155 Shepard Street, Lawrence: 188,409 sf sold for $8,150,000 ($43 psf), located in 495 North submarket.
4 Commercial Drive, Salem: 43,217 sf sold for $4,850,000 ($112 psf), located in Salem submarket.

Main Points

Economic Trends: National unemployment reached a new low, and e-commerce growth continued to drive demand for industrial space.
Vacancy Rates: Slightly increased in Greater Boston, but remained stable in New Hampshire.
Net Absorption: Overall net absorption decreased in Greater Boston, while warehouse space remained the most in-demand.
Rental Rates: Average asking rents increased, indicating a strong market with rising demand.
Construction Activity: New construction decreased, suggesting a balanced market with limited supply.
Regional Focus: New Hampshire's industrial market showed stability, with manufacturing and warehouse/distribution spaces leading in absorption.

Key Insights

Warehouse Demand: Warehouse space was the most sought-after in the Greater Boston industrial market, driven by e-commerce growth.
Market Stability: Both Greater Boston and New Hampshire industrial markets remained relatively stable, with consistent vacancy rates and some net absorption.
Rental Trends: Rising asking rents indicate a positive outlook for the market, with increasing demand and limited supply.
Regional Shifts: While Greater Boston saw some net absorption declines, New Hampshire is expected to benefit from last-mile logistics demand moving northward.

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